Speaking to S&P Global’s Alex Blackburne, Per describes how SPACs remain a critical avenue to maximising the potential of renewable energy companies who are leading the transition to a zero carbon future.
“We’re now in SPAC 2.0 where things are being much more regulated and governed,” said Per Regnarsson, CEO of ClimateRock, a clean energy SPAC that listed on the Nasdaq in May 2022, more than a year after the initial rush.
“There was a lot of money going into these [targets] … with no revenues, no cash flows and just a lot of promises,” Regnarsson said in an interview. “Now it’s about investing in cash-flowing activities.”
ClimateRock opted for a relatively small IPO — raising $78.8 million — to put “less pressure” on redemptions, according to Regnarsson. In October, the vehicle agreed to merge with E.E.W. Eco Energy World PLC, a solar farm developer in Europe and Asia with a project pipeline of more than 10 GW.
Read the full interview here: